EUR/GBP has moved lower after filling the price gap that opened between 0.8472 and 0.8490 (red shaded area) during the steep decline of June 10.
EUR/GBP forms a two bar reversal pattern and begins descending. This follows price filling a gap on the charts – another reversal sign. The correction from the June 14 lows may have ended and a new leg of the intermediate downtrend could be evolving. EUR/GBP has moved lower after filling the price gap that opened between 0.8472 and 0.8490 during the steep decline of June 10. The pair has formed a two-bar reversal pattern on July 1-2 which is a bearish reversal sign.
It is likely the pair is probably rolling over and entering a bearish phase. EUR/GBP Daily Chart Taken together with the fact that the pair seems to be in a medium-term downtrend and “the trend is your friend” the odds favor a resumption lower. A break below 0.8457 would add confirmation. The next target below that would be the 0.8431 June 25 low.
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